Prices of goods, services rise 2.9% in July

by Talk Business & Politics staff ( 58 views 

The Consumer Price Index for All Urban Consumers (CPI-U) rose 2.9% in July, from the same month in 2017, according to the Bureau of Labor Statistics. Milk prices declined 2.2%, and the price for eggs rose 16.7%.

The Consumer Price Index measures the change in prices that consumers pay for goods and services. The all urban consumers group accounts for about 93% of the total U.S. population.

Prices for fresh whole chicken rose 2.5%, and prices for uncooked ground beef declined 1.6%. Prices for electricity declined 0.8%, and prices for utility gas service via pipeline fell 1.3%. Prices for unleaded regular gasoline increased 25.9%.

Prices for bananas, tomatoes, oranges and white bread rose 1.2%, 1.4%, 2.8% and 0.2%, respectively.

U.S. import prices rose 4.8% and export prices increased 4.3% in July, from the same month in 2017, according to BLS. The rise in import prices is the largest since the index rose 5.1% in February 2012, from the same month in 2011. Import prices previously fell 0.2% in October 2016.

Import fuel prices rose 40.7%, the largest increase since the prices increased 50.9% in March 2017. As components of import fuel prices, petroleum prices increased 43.6%, and natural gas prices fell 0.5%.

Prices for nonfuel imports rose 1.3% as a result of price increases of nonfuel industrial supplies and materials. Prices of capital goods, consumer goods and automotive vehicles also increased.

Prices for agricultural exports fell 2% and was the first price decline since a 1.8% decrease in July 2017. Nonagricultural export prices increased 5%.